Daily

Market Report

June 1, 2023

Focus

of the day

The House of Representatives of Congress voted to suspend

the US national debt ceiling, due to which the country could
face default by June 5. 314 members of the House voted in
favor of the bill, and 117 voted against it. US President Joe Biden
called on the Senate to hold a similar vote as soon as possible. It
is expected to be completed by the weekend. The project
removes restrictions on the public debt until 2025.

The president must sign the bill before the deadline of Monday,
June 5. “This agreement is good news for the American people
and economy. I urge the Senate to pass it as soon as possible
so that I can sign it into law,” Biden said after the vote. In the
Senate, leaders of both parties said they hope to pass the law
before the weekend. However, delayed voting on amendments
could worse the situation.
Latest news
From June 1, retail investors can trade crypto in Hong Kong following
the new rules for the digital asset industry.
Canada expected its GDP to contract by 0.1% in April. Despite the
expectations, it has stayed on the same level, increasing the
probability of dovish comments at the BOC statement next week.
The US Fed member Harker said that the Fed doesn’t have to hike the
rate every meeting, pointing to probable rate hikes in 2023’s fall or the
beginning of 2024. The market doesn’t believe him, and the price in two
rates decreases over the same period.
US banks saw the largest deposit outflow since 1984 of $472 billion
in Q1 2023.

According to JP Morgan, the situation with the Chinese economy is

not getting worse, but it is not improving either. However, the bank
expects a strong recovery in the H2 2023.

GBPUSD
GBPUSD bounced off the 1.2450 resistance,
the 38.2 Fibonacci level. Now, the price will
likely continue the downtrend, at least toward
the recent low of 1.2310.

A breakout under 1.2394 will confirm the

bearish sentiment.

Long-term
Short-term
Resistance: 1.2450, 1.2492, 1.2538

trend trend Support: 1.2394, 1.2310

XAUUSD
Despite the breakout above the
resistance line, the bulls can’t take
control of XAUUSD.

Currently, the price is trading above the

1953 support level. A further decline to
1938 and even 1913 may happen if it
breaks below.

However, if bulls hold this support,

XAUUSD may move to 1970 again.

Long-term
Short-term
Resistance: 1970, 1983

trend trend Support: 1953, 1938, 1913

BTCUSD
BTCUSD is moving inside the bearish
channel on the daily timeframe with the
major support at 24 800.

If the price loses this level, the downtrend

will be confirmed.

However, a breakout above the resistance

trendline will open the way to 29 800.

Long-term
Short-term
Resistance: 27 900, 28 800, 29 800

trend trend Support: 26 100, 24 800

USDJPY
USDJPY bounced off the 50-period MA,
confirming the overall bullish sentiment.

Now, a solid option is to trade on the

breakout of the 140.90 resistance with a
target of 142.00.

However, before this breakout, the price

might decline to the 100-period MA, inside
the 137.17–137.70 support range, providing
traders another buying opportunity.

Long-term
Short-term
Resistance: 140.90, 142.20

trend trend Support: 138.75, 137.70, 137.17

Economic

calendar
Time Asset Event Previous Forecast
15:15

USD

ADP Non-Farm 296K

173K

Employment
Change

15:30

USD

Unemployment 229K
236K

Claims

17:00

USD ISM 47.1 47.0

Manufacturing
PMI

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